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MONIAC [1] was an analog computer designed in 1949 that used water to model the national economy of the United Kingdom. 1. https://en.wikipedia.org/wiki/MONIAC
by jetrink 8y ago
MONIAC [1] was an analog computer designed in 1949 that used water to model the national economy of the United Kingdom.
1. https://en.wikipedia.org/wiki/MONIAC https://en.wikipedia.org/wiki/MONIAC
- digi_owl 8y agoMade by an engineer turned economist from New Zealand no less. Sadly he is better know for a diagram he drew of an observation, the Phillips curve. I fear that much like this hydraulic model, Steve Keen's work is likely to be ignored or ridiculed by future economists while they fret over religious X diagrams.
- fjsolwmv 8y agoHydraulic models solve differential equations. They aren't bad , but modern computers are a much better computational environment.
- dredmorbius 8y agoThere's a fairly significant overlap between engineers and economists. Chemists and physicists also. Largely out of the economic mainstream, since the 20th century, sadly.
- hexane360 8y agoThis was brilliantly parodied in Terry Pratchett's Making Money.
- Declanomous 8y agoI got a Kindle for Christmas, and I've been reading through Discworld chronologically. I'm on Raising Steam right now, and I already feel like I'm going to have to reread the series with a list of references open. There were a lot of places where it was apparent there was a reference to something, but it was completely inaccessible as an American in his late 20's. At the same time, I almost feel like I shouldn't read the last book for a while, it's going to be really bittersweet.
- taejo 8y agoDo you know about the Annotated Pratchett File? https://www.lspace.org/books/apf/ https://www.lspace.org/books/apf/
- branchless 8y agoDid all the banks have their own taps? https://bankunderground.co.uk/2015/06/30/banks-are-not-intermediaries-of-loanable-funds-and-why-this-matters/ https://bankunderground.co.uk/2015/06/30/banks-are-not-inter...